Whether you’re weighing the pros and cons of building a completely new facility or are considering updating an older one, you’ll need to start seriously planning the building process. But before you can hammer out the solid details of a pool or water fountain construction, you’ll have to figure out how you’re going to foot the bill. Apartment complexes and condo associations in particular might have to get creative to raise the funds to open or upgrade a facility. If that’s the case, why not try crowdfunding?
According to Entrepreneur magazine, crowdfunding is a “rather recent entry into the world of procuring funds for business projects.” It collects funds from a diverse group of people through the Internet, often coupling with social media platforms to raise awareness of the cause. The source reported that Massolution, a research firm specializing in crowdfunding, found that the industry raised more than $2.7 billion in 2012, and the amount rose in 2013. Your organization could get a piece of that if you know how to set up your crowdfunding campaign right.
Water-based projects are feasible
You may have seen people using crowdfunding resources to collect donations for individual families who are experiencing hardships. You might also have seen them for things like studying abroad, making an independent movie or starting a new business. But water-based projects aren’t new to the crowdfunding game.
Aquatics International magazine pointed out that a few waterparks in North America are using social media and crowdfunding to get the ball rolling on their proposed projects. One indoor/outdoor water park campaign in New York is gathering community support on Facebook and GoFundMe.com.
How to get started
There are several steps you need to take to pull off a successful crowdfunding campaign to spur construction. Here’s a basic rundown.
Come up with a great idea: You need to start somewhere, and it usually involves a great idea that’s presented in a way that will get the surrounding community excited. Take plenty of time to develop your business plan and come up with a feasible, manageable plan for what the facility will involve, how it will look and what funds will be necessary.
Connect with social media: Once you have your idea ready to present, you’ll need to spread the word about it through social media. Connect to your potential patrons via Facebook, Twitter, Instagram and LinkedIn. Make a website or a Facebook page dedicated specifically to your project, then get as many people as possible to visit it and “like” your proposal.
Reach out to local media: After your project has started to gain attention, see if local media outlets will help propel your campaign. If they follow your story, more people are likely to hear about it and will want to get involved.
Choose the right crowdfunding site: When you have plenty of supporters, it’s time to start asking them if they’d be willing to help fund the project. There are many crowdfunding sites to choose from, all of which have different pros and cons and may cater to specific businesses. Do a little research to choose the site that will be right for your fountain or pool construction.
Start out small, then get bigger if you need to: Entrepreneur warned against asking for a heap of money at the beginning of your campaign. Start out relatively small, which will make it more likely that your donations will exceed their projected mark. If you need more money after that, consider setting up a second round of donations.
You may find that with a little creativity and some savvy social networking, your pool or fountain project will get the funds it needs to get off the ground sooner than you think.